If you are travelling to Europe from Australia, the best time to buy euros with Australian dollars was in late February 2021. This is because the AUD/EUR peaked at 0.6555 and has fallen gradually since. The same applies to anyone transferring money to Europe.
As a rule of thumb, if you are buying euros with Australian dollars, you want the AUD/EUR exchange rate to be as high as possible. The higher the rate, the better it is for you. It means that you will receive more euros for the same amount of Australian dollars.
Working out the best time to buy euros with Australian dollars
To work out the best time to buy your euros before a trip, instead of watching the exchange rate each minute, you can set up a rate tracker.
With a rate tracker, you can get
- Daily emails that tell you what the rate is
- An alert email for a particular rate that you want. For instance, if the AUD/EUR is at 0.5900 but you want to buy it when it gets to 0.6000 then you can set a rate alert for 0.6000 and we'll notify you if it gets there
Make sure to also tell us you date of travel. You won't receive any more emails after this date.
You can also set up more than one alert. Choose a number of currencies including US dollars (USD), Japanese Yen (JPY). British Pounds (GBP) and New Zealand Dollars (NZD).
It's important not to leave it to the last minute. Even though S Money is one of the fastest ways to buy currency in Australia, you can't buy it on the day you are travelling. To allow for time, make sure you have ordered and paid for your euros at least 2 days before you fly out.